Tim Travis'  Instablog

It appears that Mark Zuckerberg's philosophy of running Facebook as a one man show is still alive. While I don't think that he is the most qualified guy to go about making billion dollar acquisitions without seeking a second opinion, investors in Facebook shouldn't be surprised because he has been quite open about it. Buying Instagram for $1 billion with no revenue to speak of doesn't sound too prudent, but I give him credit that he was smart enough to use his stock as a currency. Given the rich price that Facebook's shares are likely to trade at, Zuckerberg would be very intelligent to spend liberally utilizing stock if he can truly cement the competitive position of his company, similar to the way Google did with their various acquisitions including Youtube. Facebook is a real business with real profits and a solid business model, but forecasting whether or not they will be able to maintain their competitive position is likely out of my circle of competence, given the drastic technological changes that can impact the social media industry. It will be really fun to watch things develop and I have the utmost respect for Zuckerberg's genius when it comes to technology.

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